Dr. Bucshon’s Statement on Financial CHOICE Act

On Thursday, the House of Representatives passed H.R. 10, the Financial CHOICE Act, the plan to replace the Dodd-Frank Act and protect the financial futures of Americans. This legislative overhaul prioritizes Main Street – farmers, small business owners, and middle-income families – over Wall Street.

Eighth District Congressman Larry Bucshon, M.D. released the following statement after voting in favor of the legislation:

“When the Democrats passed Dodd-Frank in 2010, we were promised an end to taxpayer funded bailouts and a system that protects consumers. Instead, this massive regulatory monstrosity enshrined “too big to fail” and taxpayer bailouts into law, led to the loss of community financial institutions while the big banks got bigger, and created a new, unaccountable and structurally unconstitutional government agency with the unilateral power to decided what type of mortgages, credit cards, and bank accounts Americans can have,” said Bucshon.

“Wall Street is doing just fine under Dodd-Frank’s status quo, while millions of Americans in the heartland are struggling to get ahead. The hardworking Americans who rely on community financial institutions to get a mortgage to buy their first home or take out a small business loan to start a business are being hit the hardest. These are our farmers, small business owners, and middle-income families. With the Financial CHOICE Act, we are offering a better way forward by putting Main Street ahead of Wall Street and unleashing America’s economic potential. This legislation ends unfair taxpayer bailouts, protects consumers by holding Wall Street accountable with the steepest penalties in history, increases transparency and accountability, and expands access to capital for small businesses and gives consumers more choice and options when it comes to credit so that Americans can plan their own financial futures.”

Indiana Bankers Association (IBA) strongly supports CHOICE:

“The Indiana Bankers Association (IBA) stands in strong support of the Financial CHOICE Act (H.R. 10), a regulatory relief bill designed to usher in economic growth and prosperity for Americans everywhere. The Indiana banking community is supportive of much-needed and overdue relief from the choking regulatory burden that impedes banks’ ability to best serve the needs of their customers and local communities. Passage of the Act will bolster free-market choice for consumers, reform the overregulation that chokes business ventures and economic growth, and bring much-needed transparency to the regulatory process,” said Amber R. Van Til, President and CEO of IBA.

“The IBA joins with bank trade associations nationwide in advocating for passage of this key legislation. The Financial CHOICE Act is needed in order to reform overregulation in critical areas, including mortgage lending, call reports and data collection. Streamlining these systems and more will ultimately benefits consumers, as they enjoy more efficient financial services and financial freedom of choice. Passage of the CHOICE Act will help foster a more sensible and proportionate financial regulatory system that will facilitate economic growth and job creation. We urge lawmakers on the Hill to look at the needs of their constituents and vote in support of H.R. 10. Each vote for passage of the Financial CHOICE Act is a vote in favor of American prosperity.”

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